Page 232 - DMGT509_RURAL MARKETING

Anand Thakur, Lovely Professional University Unit 12: Principle of Innovation

Unit 12: Principle of Innovation Notes

CONTENTS
Objectives
Introduction
12.1 Need of Innovation for Rural Market

12.2 Principle of Innovation for Rural Market
12.2.1 Process Innovation
12.2.2 Product Innovation

12.2.3 Price Innovation
12.3 Role of Government and NGO’s in Rural Marketing
12.3.1 NGOs’ Roles in Market Systems
12.4 Advantages and Disadvantages of NGO Involvement in Markets
12.5 Market Linkages

12.6 Improved Services
12.7 Enabling Environment
12.8 Engaging with the Government

12.9 Evaluation of NGO Roles in Markets
12.10 Summary
12.11 Keywords
12.12 Review Questions
12.13 Further Readings

Objectives

After studying this unit, you will be able to:
 Explain the Principle of Innovation.
 Discuss the Need for Innovation in Rural Market.

 Describe the Role of Government and NGO’s in Rural Marketing.
 Explain the Role of Rural Market.

Introduction

According to the great management guru Peter Ducker “the organisations have only two
functions, one is marketing and other is innovation.” Rural markets are characterized with huge
potential for marketers, but at the same time pose several challenges to serve them with similar
set of marketing mix used in urban settings. The main challenges in rural marketing are:
 Physical distribution
 Channel management

LOVELY PROFESSIONAL UNIVERSITY 227